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Highlights
- Energy and mining stocks lift ASX on commodity gains
- Interest rate moves in China boost global sentiment
- Nuix and JB Hi-Fi slip despite broader market strength
The ASX 300 edged higher in midday trading, supported by a strong performance in the energy and mining sectors, with global commodity prices offering a tailwind. The S&P/ASX 200 index added 11.8 points, or 0.1%, to reach 8163.20, while the All Ordinaries gained 0.2%. The momentum came despite a weak overnight session on Wall Street, as investors focused on rising oil and iron ore prices.
Oil prices extended gains after a more than 3% rally in the previous session, driven by fresh optimism around US-China trade negotiations scheduled for Thursday. Brent crude approached the $63 a barrel mark, helping lift major energy names on the Australian bourse.
Woodside Energy (ASX:WDS) rose 2.6%, while Santos (ASX:STO) added 2.3%, benefiting from renewed investor confidence in the energy sector. Iron ore also gained traction, with Singapore futures lifting 0.9% to US$98.40 a tonne, pushing BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) higher by around 1.6% each.
China’s central bank cut a key interest rate by 25 basis points to 1.5%, a move intended to support the economy amid ongoing trade pressures. The People’s Bank of China’s decision also encouraged risk appetite, providing a boost to Chinese equities and commodities.
In financials, National Australia Bank (ASX:NAB) advanced 2.8% despite posting core earnings and revenue below forecasts. Meanwhile, ANZ Group (ASX:ANZ) ticked up 0.4%, but Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) saw marginal losses of 0.1% and 1.4%, respectively.
Tech and retail names saw mixed reactions. Nuix (ASX:NXL) fell sharply by 15.2% after pulling back full-year revenue guidance, citing delays in IT contract signings. JB Hi-Fi (ASX:JBH) slid 3.7% despite posting sales growth across divisions, which appeared to underwhelm the market.
On the upside, Boss Energy (ASX:BOE) soared 9.5% after a positive outlook presentation, noting a favorable environment for triuranium octoxide. Zip Co (ASX:ZIP) surged 10.5% after flagging a substantial earnings turnaround target for 2025. However, Temple & Webster (ASX:TPW) dropped 4.2%, despite reaffirming upbeat earnings guidance.
With renewed focus on commodities and supportive macroeconomic indicators, investors are also turning attention to potential opportunities among ASX dividend stocks, particularly in the resource and financial sectors. As broader sentiment strengthens, the performance of the ASX300 remains a key indicator to watch in coming sessions.
